Hancock County officials discuss possible projects to pursue using Tax Increment Financing (TIF) revenues. (Kristy Deer | Daily Reporter)
Hancock County officials discuss possible projects to pursue using Tax Increment Financing (TIF) revenues. (Kristy Deer | Daily Reporter)
HANCOCK COUNTY — Hancock County leaders started the new year gathering this week to brainstorm future projects.

Officials gathered at the Hancock County Courthouse Annex for a two-hour strategic planning session to discuss projects they’d like to consider with regard to unallocated Redevelopment Commission (RDC) funds in 2025.

Hancock County financial advisers informed the group before they got started no final decisions would be made during the brainstorming session. Instead, the meeting was designed to help county officials understand what they can and can’t spend RDC funds on.

Financial adviser Greg Guerrettaz reminded county leaders their current bond and the new Amplify bond have first priority on Tax Increment Financing (TIF) revenues.

A local government can create a TIF district in a developing area to borrow against the future increase in real estate value. The governing body uses a bond to have money for public infrastructure improvements. As property values rise in the TIF district, the increase is used to pay off the bond. You can learn more about TIFs in this toolkit from Indiana Office of Community and Rural Affairs.

The county has created a TIF district for the Amplify Hancock education center under construction. In December, the County Council approved a $48 million bond.

“The intent is once the bond is issued on the new Amplify, we will fund our debt services in advance, and that will subtract from the available revenues to give to the unallocated revenues,” Guerrettaz said.

He also reminded county officials the RDC has committed to help fund fire protection in Buck Creek Township and to help fund police protection in Buck Creek Township. “Don’t forget about those things,” Guerrettaz said.

Hancock County Engineer Gary Pool, leader of the county’s highway department, said due to success in reducing the I-70 interchange cost and due to steady TIF monies, the county’s fiscal position allows for considering funding local projects; direct funding of the county Parks Department; TIF area closure options; annuities or trust for operations costs; building a sports park, or having the county as a developer of a neighborhood.

“It could be a destination place,” Pool said of a special type of neighborhood development.

Pool noted each program chosen will need a legal and fiscal review. As of September 2024, Pool said there is an unallocated $26 million in the Economic Development Agreement (EDA) and a projected $32 million in the TIF between 2031 and 2039. The EDA is earmarked to fund public safety and police operations.

Commissioner Jeannine Gray was in one of the brainstorming groups along with Pool and County Council members Kent Fisk, Tammy Settergren and Scott Wooldridge.

“This is the second time we’ve done this,” Gray said. “The first one was regarding the county farm, and that made us think further out than five years, and I like that. While 25 years was a stretch for me, you’ve got to do it — think long term.”

Fisk noted while he likes having brainstorming sessions, they cannot solve future problems that are unknown now.

“I just don’t know about what other issues or things are going to come up in the future,” Fisk said. “We don’t know what is going to pop up that we can use the funds on.”

Fisk noted how even the county’s 25-year comprehensive plan, no matter how well put together, must be adjusted from time to time. Similarly, what looks like the best use of TIF monies could change.

Wooldridge feels county leaders have to develop a vision but noted he’d like more community feedback on how to use county tax money.

“I just wish we had more members of the public here,” Wooldridge said.

Any list regarding the unallocated RDC funds will never be final, Wooldridge noted, saying the ideas become part of a “living document.”

Guerrettaz also urged groups to be aware of legislative changes affecting the TIF revenue stream — for example, if two municipalities annex into the TIF district and or consolidate into the area, resulting in a significant reduction in revenue.

“Another guideline is to consider if the project is in or serving the TIF area,” Guerrattaz said.

He also said to consider the full range of projects possible to fund. He said bridges, for example, are very expensive but are a good catalyst for development.

Pool recommended the commissioners, county council and redevelopment commission decide which programs will be funded, and in which fiscal year, by May.
© 2025 Daily Reporter